Source: Reserve Bank of New Zealand – Te Pūtea Matua
16 September 2026
Reserve Bank of New Zealand – Te Pūtea Matua Assistant Governor Money Karen Silk will leave the Bank in December, after more than four years with the organisation.
Karen Silk joined the Reserve Bank in 2022 after a long and successful career in financial services in New Zealand and Australia. Reflecting on her time as Assistant Governor and a member of New Zealand’s Monetary Policy Committee, she said: “It has been a real privilege to serve in these roles and to work alongside people who care deeply about the wellbeing and prosperity of New Zealanders. I am proud of what we have achieved together.”
“After a long and varied career in banking and public service, this feels like the right time to begin a new chapter. I am looking forward to spending more time with family and pursuing personal interests, while continuing to contribute to New Zealand’s business and investment community.”
Governor Anna Breman thanked Karen for her significant contribution as ELT leader and member of the Monetary Policy Committee.
“Karen has brought deep financial-sector experience and strong leadership to the Reserve Bank. She has made an important contribution across monetary policy, financial markets, cash and payments, including work to support a modern and resilient financial system. I have thoroughly enjoyed working with Karen, and the RBNZ wishes her the very best with her next steps,” Dr Breman said.
Karen Silk will remain in her role until mid-December and will participate in the December monetary policy decision, supporting continuity through the transition.
The Governor has used the forthcoming vacancy to review the shape of the Executive Leadership Team. Two Assistant Governor roles, Assistant Governor Monetary Policy and Assistant Governor Payments and Cash will be established to strengthen leadership capacity, clarify accountabilities and support closer coordination across the RBNZ core responsibilities.
“These changes maintain clear leadership of our core functions while positioning the Bank well for the future. Karen will continue to lead her portfolio through December, and we have plans in place to ensure an orderly handover and continuity of decision-making,” Dr Breman said.
Recruitment for both Assistant Governor roles will begin shortly, supported by an executive search firm. Further details on the roles and recruitment process will be published in the coming weeks.
A few other non-ELT role adjustments consulted on with leaders will also proceed, including the establishment of a Chief of Staff role. These changes, and the additional Assistant Governor role will be funded out of operational budget allowed for in the current Five-Year Funding Agreement (FYFA) 2025-2030.
Editor’s notes
Members of the Monetary Policy Committee are appointed by the Minister of Finance on the recommendation of the Reserve Bank Board. The Board is expected to recommend the appointee to the new Assistant Governor Monetary Policy role for appointment to the Committee.
The Reserve Bank is also working through arrangements for a short-term appointment of a new internal member of the MPC.